Tech Stocks Surge as Nvidia and Salesforce Exceed Profit Expectations

Tech stocks led Wall Street to higher ground on Thursday, after Nvidia and Salesforce delivered stronger-than-expected profits for the spring quarter.

Nvidia was the top performer, surging 8.7% as its CEO Jensen Huang said AI has 'reached its inflection point' and is 'doing useful work' with 'productive and profitable tokens'. This helped calm concerns about AI stocks, which have been under pressure lately due to worries that booming demand for AI chips may fade.

Salesforce jumped 22.6% after reporting strong profit growth and raising its revenue forecast for the year. The company's CEO Marc Benioff said it's seeing 'incredible demand' for its AI and data products, which are being used to drive customer success at an unprecedented scale.